using equity release to pay off your mortgage

 

Equity Release To Pay Off Your Mortgage | February 2024

Equity release is an increasingly popular method for homeowners, particularly those approaching or in retirement, to manage their finances by unlocking the value tied up in their homes.

This article explores the concept of using equity release to pay off mortgage debts, offering insights into its benefits, risks, and considerations.

The article will help you do the following:

  1. Understand the importance of considering equity release as a financial strategy.
  2. Learn about the key aspects and types of equity release schemes available.
  3. Discover the main topics covered, including the advantages and disadvantages of equity release, eligibility criteria, and the impact on inheritance and estate planning.
  4. Gain insights into the benefits of understanding these topics for better financial planning and decision-making.
  5. Consider actions to take post-reading, such as using an equity release calculator, consulting with a financial adviser, and evaluating your personal financial situation.

Key Takeaways & Learnings From This Page on Using Equity Release to Pay Off A Mortgage

Here are 7 key takeaways from this article:

  1. Equity release can provide significant financial relief for homeowners over 55 by allowing them to pay off an existing mortgage, thereby increasing their disposable income.
  2. It is essential to seek independent financial and legal advice before opting for equity release, as it can substantially reduce the property equity available for inheritance.
  3. The article compares equity release with traditional mortgage repayment, highlighting the absence of regular repayments but noting the potential for increasing debt due to compound interest.
  4. Using an equity release calculator is recommended as a first step to estimate potential borrowing, providing a clear picture of financial possibilities.
  5. The article discusses different equity release schemes, including lifetime mortgages and home reversion plans, each with its own set of features and considerations.
  6. It outlines the eligibility criteria for equity release, such as age, property value, and condition, which are crucial for homeowners to understand.
  7. The impact of equity release on inheritance and estate planning is significant, and strategies to mitigate this impact, such as choosing plans with inheritance protection or making interest payments, are discussed.

Topics that you will find covered on this page

Using Equity Release To Pay Off Your Mortgage

Homeowners aged 55 and over can use equity release to pay off an outstanding mortgage balance. This is done by taking out a lifetime mortgage secured against the property.

The equity release provider pays off the mortgage, leaving the homeowner with a new lifetime mortgage. This can eliminate monthly repayments, providing homeowners with greater disposable income.

However, interest will accumulate over the lifetime of the loan, meaning that the total debt owed will increase over time.

Seeking independent financial and legal advice is essential, as opting for a lifetime mortgage could substantially reduce the property equity available.

Another method is an interest-only mortgage, where the homeowner makes monthly payments. These payments cover the interest on the loan secured against the property. The loan amount, also referred to as ‘capital’, is then repaid when the property is sold.

An equity release loan can also be used to pay off a mortgage early. This is especially of interest for those who might want to end their mortgage term before its official date.

However, before making this decision, ensure you are informed of any early repayment charges. These charges can sometimes apply if you decide to repay your mortgage early with the released equity.

Another advantage of using equity release to pay off a mortgage is that it frees up homeowners’ disposable income. This can provide a more comfortable retirement income, especially for those on a fixed income.

Equity Release vs Traditional Mortgage Repayment

A key difference between equity release and traditional mortgage repayment is that equity release does not require regular repayments. With a lifetime mortgage, interest accrues over time and the loan is repaid when the property is sold.

This can provide retirees with greater disposable income, compared to traditional mortgages . However, the compound interest can lead to increasing debt and reduce inheritance value.

Before choosing between these options, independent advice should be sourced.

One appealing aspect of using equity release to pay off a mortgage, is that it can provide homeowners with additional disposable income.

This can be particularly useful for those in later life, who might have a lower income.

On the other hand, traditional mortgages may require significant monthly payments, often straining a homeowner’s budget.

However, there are also some potential downsides of using equity release to pay off a mortgage.

One major consideration is that equity release can lead to a debt that grows quickly due to the compound interest, significantly reducing the amount of money left for inheritance.

Before deciding between equity release and traditional mortgage repayment, homeowners should seek professional advice, usually through an independent financial adviser.

Use An Equity Release Calculator To See What You Can Borrow

Using an equity release calculator is a crucial first step for you to estimate what you can borrow via equity release.

This tool provides a preliminary estimate of how much equity you could potentially release from your home, based on its value and your age. It helps in making an informed decision by giving a clear picture of the financial possibilities without the need to commit to any process initially. 

Use the calculator below to estimate what you can get.

Try Age Partnership’s equity release calculator and estimate how much money you could release from your property.

If you take out a product from Age Partnership, we will receive a fee for introducing you to them. This helps support the site and for us to produce more content.

equity release mortgage

Using An Equity Release Mortgage To Pay Off an Interest only Mortgage?

You can use an equity release mortgage to repay an interest only mortgage if you are between the ages of 55 to 95. 

You should make sure that your home has enough equity to be able to repay the existing mortgage. A lifetime mortgage calculator can be used to give you an idea of this.

You can then discuss your options with an equity release mortgage advisor and start your application process. While the process is ongoing, you will continue to make your monthly interest payments to your original mortgage lender, but when your application is successful, your solicitors will take care of the interest only mortgage for you. You will then have no further payments to make to your existing lender.

If you still have enough disposable income to make monthly repayments, you could then consider taking out an interest-only equity release plan. This can help to keep the total cost of the loan down and keep your finances balanced.

Opting for an Interest Only Mortgage

An interest-only mortgage is a type of lifetime mortgage where you only pay interest to the equity release lender each month.

The loan itself is repaid when you die or move into long-term care.

This is a beneficial option for those who can afford monthly interest payments and wish to preserve as much of their property’s value as possible for inheritance.

It’s important that you can afford the monthly interest payments for the foreseeable future. Remember, your home may be at risk if you can’t keep up with these payments.

Note that the amount you owe will not decrease over time with an interest-only mortgage, as you will still owe the same capital amount that was initially borrowed.

Therefore, this option may not be suitable for everyone, and getting advice from an equity release advisor is highly recommended.

Equity Release vs. Other Mortgage Repayment Options

When it comes to equity release, it’s important to compare this option against other mortgage repayment strategies to determine the best choice for your financial situation.

We have compared some of the main options below.

1 – Equity Release vs Downsizing

Downsizing involves selling your current home and moving to a smaller (usually), less expensive property. 

This option can provide a lump sum to pay off an existing mortgage and potentially leave additional funds for retirement, as well as an inheritance for your family.

a) Equity Release

This will allow you to stay in your home while accessing the money built up in your home.

b) Downsizing

This requires you to move to a new home.  However, it offers a clear way to pay off debts and potentially increase your retirement fund.

2 – Equity Release vs Remortgaging

Remortgaging involves switching your current mortgage to a new deal, potentially with a different lender, to reduce your monthly payments or borrow additional funds.

a) Equity Release

No monthly repayment is usually required, and the loan is repaid when you die or move into long-term care.

b) Remortgaging

This may offer lower interest rates, but it requires monthly repayments and may not be available to older homeowners due to the lending criteria of some providers.

3 – Equity Release vs. Using Savings

Using savings to pay off your mortgage is the most straightforward method but requires having sufficient funds available in the first place.

a) Equity Release

It provides a way to access funds without eating in to your savings.

b) Using Savings

Instantly clears your mortgage but reduces your financial reserves and potential access to money should you need it.

Choosing the Right Option For You

When considering how to manage or pay off your mortgage in retirement, it’s essential to consider the benefits and drawbacks of each option. 

Equity release may offer a solution that allows you to remain in your home and access needed funds, but it’s crucial to consider the long-term impact on your estate and inheritance. 

Downsizing provides a clear path to becoming mortgage free and can boost your retirement pot, while remortgaging may offer a temporary relief.  However, this comes with its own set of challenges for older homeowners. 

Using savings is the most straightforward approach but requires careful financial planning to ensure it doesn’t compromise your future security.

Each option has its place depending on your personal circumstances, financial goals, and the level of flexibility you require in retirement.  An advisor will be able to help you consider which option is right for you.

Best Equity Release Interest Rates as of 24 February 2024

The table below shows you some of the best equity release rates, as of 24 February 2024, for lifetime mortgages from some of the leading equity release providers in the UK. 

Provider NameProduct NameInterest RateType of productOffers
Standard LifeHorizon 200 Drawdown5.26%FixedFree Valuation
Standard LifeHorizon 200 Drawdown Fee Free5.31%FixedFree Valuation
No application fee
More2LifeCapital Choice Ultra Lite Drawdown 15.46%FixedFree Valuation
No application fee
LV=Drawdown Lifestyle DD15.58%FixedFree Valuation
No application fee
Scottish WidowsFR15.60%FixedCashback
Free Valuation
No application fee
Standard LifeHorizon 280 Drawdown5.60%FixedFree Valuation
Legal & GeneralInterest Roll-Up 15.61%FixedFree Valuation
Legal & GeneralOptional Payment 15.61%FixedFree Valuation
LV=Drawdown Lifestyle DD25.63%FixedFree Valuation
No application fee
Legal & GeneralInterest Roll-Up 1 (no fee)5.65%FixedFree Valuation
No application fee

Call Boon Brokers on 0333 567 1607 to discuss your equity release requirements and see what deals are available to you.

These rates may have changed since this table was updated and should be taken as indicative only. There may be other providers not listed on this table that could offer better deals.  In addition, the providers and products noted may not be right for your particular circumstances.  The equity release rates have been sourced from the Equity Release Supermarket. These indicative rates and incentives may have changed since this article was last updated. Therefore, they should only be taken as a guide, and we cannot guarantee their current accuracy. Please also note that we do not provide advice on or endorse any particular product listed here. The rate you are offered will depend on your individual circumstances and subject to lender approval. Therefore, we strongly recommend that you speak to an equity release adviser, who will be able to provide you with information on the latest rates that apply to you.

can i use equity release to pay off my mortgage

Future Trends in the Use of Equity Release to Pay Off a Mortgage

Equity release is becoming a popular method for homeowners, particularly those in retirement, to manage their finances by unlocking the value tied up in their homes. 

This trend is expected to continue growing as more individuals look for flexible ways to support their financial needs in later life, as well as meet the challenges of the daily cost of living.

With the historical rise in property values, many find it a viable option to pay off an existing mortgage.  Therefore, this reduces their monthly financial costs and enhances their standard of living.

Saq Hussain, Finance Editor at the UK Care Guide, highlights the evolving landscape of equity release, stating, ‘As the demographic of homeowners changes, so too does the approach to managing mortgage debts. Equity release is no longer seen just as a last resort but as a strategic financial planning tool by many advisors.’

This perspective underscores the shift in how equity release is perceived and utilised in the UK, reflecting its growing acceptance and integration into broader financial planning strategies.

The future of equity release in paying off mortgages looks promising, with innovations and regulatory improvements making it safer and more accessible. As the market adapts to the needs of a diverse UK homeowner population, products are now becoming more flexible, and offering a range of options to suit different financial situations. 

Impact of Property Values on Equity Release

The amount of money you can release from your home is dependent on your property’s value. Generally, higher property values will allow for larger amounts to be released.

However, house prices can fluctuate, and a decrease in property values could affect the equity available in your home.

If your home’s value decreases significantly after you’ve taken out an equity release product, you could face negative equity. This is where the mortgage is more than the property’s market value.

However, as previously mentioned, products approved by the Equity Release Council come with a ‘no negative equity guarantee’, ensuring you won’t owe more than your home’s financial value.

While property values and house prices play a significant role in equity release, other factors such as your age and health can also influence how much you can release.

An equity release specialist can guide you through the process and help you to make an informed decision.

can equity release pay off mortgage

Types of Equity Release Schemes

There are two main types of equity release schemes.  These are Lifetime Mortgages and Home Reversion Plans. Each has its own set of features, benefits, and considerations, and some of these are noted below.

1 – Lifetime Mortgages

A Lifetime Mortgage is the most popular form of equity release loan. 

This type of scheme allows you to take out a loan which is secured against your home while also allowing your to retain ownership. 

You don’t have to make any repayments until you die or move into long-term care.  Instead, the interest on the borrowing will roll up, meaning it compounds over time. Therefore, this increases the amount that you need to pay back. 

There are several types of lifetime mortgages available:

1 – Fixed Lifetime Mortgages

They offer a fixed interest rate for the life of the loan.

2 – Variable Lifetime Mortgages

They have an interest rate that can change, which is typically tied to an external benchmark, such as the Bank of England Base Rate plus an extra margin.

3 – Drawdown Lifetime Mortgages

These allow you to release equity as and when you need it.  This can help reduce the amount of interest that accumulates.

4 – Interest-Only Lifetime Mortgages

An interest only lifetime mortgage allows you to pay off the interest monthly, preventing it from rolling up.

2 – Home Reversion Plans

Home Reversion involves selling a part or all of your home to a home reversion provider in return for a lump sum or regular payments. 

You have the right to continue living in the property rent free until you die or move into long-term care.

However, you must agree to maintain and insure the home. Unlike lifetime mortgages, home reversion plans do not involve taking out a loan, so there is no interest to pay. But, it’s important to note that you will only receive a percentage of the market value for the portion of your home you sell to the provider.

3 – Choosing the Right Type Of Scheme

Deciding between a lifetime mortgage and a home reversion plan depends on your personal circumstances, financial needs, and long-term plans. 

It’s crucial to seek advice from a qualified equity release adviser who can help you understand the features, benefits, and risks associated with each type of scheme. This guidance will ensure you choose the option that best suits your retirement planning goals.

Eligibility Criteria for Equity Release

Understanding the eligibility criteria for an equity loan is crucial for homeowners considering this as an option. 

The criteria not only determines if you can apply for equity release but it also impacts the amount of money you can release from your home.

We have set out some of the key criteria below.

1 – Age Requirement

The minimum age for equity release is typically 55 years for lifetime mortgages and 65 years for home reversion plans. 

However, some providers may have higher age minimums, and this is something your adviser can check. The age of the youngest homeowner is used when calculating the amount of equity that can be released.

2 – Property Value

Your property must meet a minimum value threshold, which is usually around £70,000 or higher, depending on the equity release provider that you approach. This value ensures sufficient equity in the home to make the plan viable for both the homeowner and the provider.

3 – Property Type and Condition

Equity release is available for various types of properties, including houses, bungalows, and flats. 

However, your property must be in a good state of repair, and certain types of property, such as holiday homes or properties with certain types of non-standard construction, may not be eligible for. Yo might also find that providers may require a survey to assess the property’s condition and value before they make you a confirmed offer.

4 – Location

The property must be located in the UK. 

Some equity release providers may have geographic restrictions, and properties in Northern Ireland, the Channel Islands, or the Isle of Man may be subject to different criteria or you might find that they are not eligible at all.

5 – Outstanding Mortgage or Loans

If you have an existing mortgage or secured loan on your property, you must pay this off at the time of taking out the equity release plan. 

The equity release funds can be used to clear these debts. But, this will reduce the net amount of cash available to you, so again, this is something you should speak to your advisor about.

6 – Meeting the Criteria

Meeting these eligibility criteria is the first step in the equity release process. 

It’s important to discuss your circumstances with a qualified equity release adviser who can provide detailed information on how these criteria apply to your situation and help you understand the potential impact on the amount of equity you can release.

pay off mortgage with equity release

Impact on Inheritance and Estate Planning

When considering equity release, it’s important to understand how it might affect your ability to leave an inheritance for your family and the broader implications for estate planning. 

This section aims to provide an overview of these considerations.

1 – Impact on Inheritance

Equity release will reduce the value of your estate, which can affect the amount of inheritance you can leave to your loved ones. 

Since the loan amount, plus any accrued interest, is repaid from the sale of your home when you pass away or move into long-term care, the remaining value of your estate may be significantly less than expected.

2 – Estate Planning Considerations

Engaging in estate planning while considering equity release is essential. 

It involves assessing the potential size of your future estate and understanding how equity release will alter its value. This planning should include discussions with family members to set realistic expectations about inheritance and look at ways to help mitigate the impact of equity release on your estate’s value. A specialist advisor will be able to help you here.

3 – Strategies to Mitigate Impact

Several strategies can help mitigate the impact of equity release on inheritance. Here are some examples.

a) Choosing a plan with inheritance protection

Some equity release schemes offer the option to protect a portion of your property’s value as an inheritance for your family.

b) Making interest payments

If you opt for a drawdown lifetime mortgage, you can choose to make interest payments to prevent the loan from increasing.

c) Ring-fencing equity

This involves agreeing with your equity release provider to safeguard a portion of your property’s value for your heirs.

By carefully considering these aspects and incorporating them into your decision-making process, you can better manage the impact of equity release on your estate and ensure that your inheritance planning aligns with your wishes and your family’s expectations.

The Process and Timeline for Releasing Equity

We have broken down the process below.

1 – Initial Consultation

The first step in the equity release process is to consult with a qualified adviser. This meeting will discuss your financial needs, eligibility, and whether equity release is right for you.

2 – Choosing a Plan

Once you’ve decided to proceed, the next step is to choose the most suitable equity release plan. Your adviser will present options that fit your financial situation and future goals.

3 – Property Valuation

After selecting a plan, your property must be valued to determine how much money you can release. An independent surveyor usually conducts this valuation.

4 – Application and Approval

With the property valuation complete, you can formally apply for equity release. The lender will review this application, and if approved, you will receive an offer outlining the terms of your equity release plan.

5 – Legal Advice

Before accepting the offer, it’s essential to receive legal advice. A solicitor specializing in equity release will help you understand the legal implications of the agreement.

Another legal consideration is the “no negative equity guarantee”. This rule is enforced by the Equity Release Council, ensuring you or your family will never owe more than the value of your property when it is sold.

6 – Completion

The equity release plan will be finalised once you accept the offer and all legal work is completed. The funds will then be released to you as a lump sum or in smaller amounts, depending on your chosen plan.

7 – Timeline

The entire equity release process can take anywhere from 6 to 12 weeks, depending on various factors such as the complexity of your case, the speed of the property valuation, and how quickly all parties can complete the necessary paperwork.

can you pay back equity release

Tax Implications of Equity Release

Although the funds obtained through equity release is treated as tax free cash, there can still be tax implications for UK homeowners to consider.

For example, if you invest the money and earn interest, that interest is usually subject to income tax. Furthermore, equity release can affect your tax position and the size of your estate for inheritance tax purposes.

Releasing equity from your home can also affect your entitlement to means-tested benefits. This is because releasing a large lump sum could push your savings over the limit for certain benefits.

In instances like these, it may be best to make regular payments of small amounts.

Another tax consideration arises if you decide to rent out a portion of your home. In this case, you may have to pay income tax on the rent you receive, and you may also lose some of your entitlement to private residence relief for capital gains tax purposes.

As each person’s tax situation is unique, it’s recommended to seek professional advice. This will ensure that you understand the potential tax implications, allowing you to make an informed decision.

Why You Need Expert Advice on Equity Release

Given the complexities and potential risks involved, seeking expert equity release advice is highly recommended.

This is because advisers can provide personalised advice. They can help you understand the different types of equity release schemes and recommend the most suitable option for you.

Legal advice is also essential when considering equity release. Independent legal advice can ensure you fully understand the contract and the potential implications of the equity release scheme.

Before choosing an adviser or broker, ensure that they are registered with the Financial Conduct Authority.

This means they are required to follow regulated practices and you have protection if things go wrong.

Furthermore, ensure your adviser can access products from across the whole market. This is because restricted advisers may be limited to recommending products from a single provider. Using an adviser who can compare all options may help you to identify the most suitable equity release plan.

The Role of an Equity Release Advisor

Choosing to release equity from your home is a significant financial decision. Therefore, the consultation that an equity release advisor can offer is invaluable.

These professionals can guide you through how equity release works and help you to evaluate if it’s the right choice for your individual circumstances.

As outlined previously, an equity release advisor can provide you with an objective view of the various equity release products available in the market. They can also help you to understand the fine print of the equity release lender’s terms and conditions.

However, they can highlight potential issues, such as an early repayment charge, which might arise if you decide to go for an early mortgage equity release.

Additionally, an equity release advisor can assist you in assessing whether you have enough equity in your home to meet your financial needs.

They can give you an idea of how much cash you can expect to release based on your property’s market value.

Remember that the Financial Services Register is a public record, detailing the firms and individuals who have been regulated by the Financial Conduct Authority.

A Case Study on Using Equity Release to Pay Off a Mortgage

Many individuals in the UK might find themselves in a situation where they are nearing retirement but still have a significant mortgage to pay off.

This case study presents a scenario that some can relate to, offering insight into how equity release can be a viable solution for homeowners looking to manage their mortgage debts in their later years.

John, a 65-year-old homeowner in Leeds, found himself with £50,000 remaining on his mortgage as he approached retirement.

With a steady but fixed retirement income, John was concerned about his ability to continue meeting his monthly mortgage payments without compromising his lifestyle. After researching various options, he discovered that equity release could offer him a way to settle his outstanding mortgage without downsizing or moving out of his home.

Equity release schemes, such as a lifetime mortgage, allowed John to borrow against the value of his home while continuing to live there. He received a sufficient lump sum that he used to pay off his remaining mortgage.

This option was particularly appealing because the interest on the loan would be rolled up, meaning no repayments were required until his home was sold, which would be upon his death or if he moved into long-term care.

John’s case highlights how equity release can provide financial relief and peace of mind to homeowners in their later years.

It’s a solution that enables individuals to tap into the wealth tied up in their homes to settle debts or manage financial obligations without the immediate pressure of repayments.

Our Final Thoughts

Equity release presents a viable option for many homeowners looking to manage their mortgage debts in retirement, offering a way to access the equity built up in their homes without the need for monthly repayments.

However, it comes with its own set of challenges and considerations, particularly regarding the long-term impact on inheritance and the overall cost due to compound interest.

We recommend that you should:

  1. Carefully evaluate your financial situation and the long-term implications of equity release on their estate.
  2. Use tools like equity release calculators to gain a preliminary understanding of what you might be able to borrow.
  3. Seek professional advice from qualified equity release advisers to explore the most suitable options based on your individual circumstances and financial goals.
  4. Consider the different types of equity release schemes available and their respective benefits and drawbacks.
  5. Discuss your plans with family members, especially regarding the potential impact on inheritance, to set realistic expectations and explore ways to mitigate any negative effects.

By taking these steps, you can make informed decisions that align with your retirement planning goals and financial needs, ensuring a more secure and comfortable financial future.

Speak To An Equity Release Advisor Or Use the Equity Release Calculator Below To Estimate How Much You Can Borrow

The UK Care Guide works in partnership with Boon Brokers, one of the UKs leading equity release specialists.

You can contact them on 0333 567 1607 , or use the equity release calculator to estimate how much you can borrow.

Here is what Boon Brokers Offer

Whole of market access
Over a decade of experience
Great customer service

5 star client testimonials, on Trustpilot, about Boon Broker’s support and hands-on service

Call Boon Brokers on 0333 567 1607 to discuss your equity release requirements.

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use the equity release calculator to see how much money you could release from your property. Takes less than 60 seconds!

All equity release and mortgage advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757. 

If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation.  By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.  

The fee we receive is used to help keep this site operational and to produce new content.  

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Meet the author

Saq Hussain

Saq is a financial expert, and is responsible for the day-to-day running of the UK Care Guide website.  Prior to taking on the operation of this site, Saq was a Director and the UK Head of DC Pensions, Benefits and Wellbeing at PwC.  Saq is also a part of the steering group at the Living Wage Foundation that has developed the UK’s National Living Pension standard.

Saq has regularly featured in the press, with examples including:

UK Care Guide is really proud to have been featured on some of the UK’s leading websites

Financial Promotions Sign-off

Where applicable, the adverts for Boon Brokers on this page have been signed off as a Financial Promotion by Boon Brokers Limited, to ensure that they are in compliance with Section 21 of FSMA. Boon Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757. The Age Partnership equity release calculator has been approved and provided by Age Partnership. Age Partnership is a trading name of Age Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432.

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All equity release advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757. 

 

If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation.  By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.  

The fee we receive is used to help keep this site operational and to produce new content.  

 

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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